All of this talk about short sales really got me thinking, Realtors especially need help in this area because they work real hard to arrange the sale and then a 'Bomb' Drops right in your lap.
I rememeber one instance where i was trying to buy a home that was in foreclosure. The seller was a retired realtor whom just wanted to let it go. The property had a $165,000 First and a $32,000 Second the value around $380,000 to $400,000, so i negotiate with the 1st lender easy enough, i am in the busines, and then i contact the 2nd, not so easy they refused to negotiate Now after all of this, The home goes to foreclosure sale, gets sold but the 2nd lien holder is bid out of there money because of the low bids. This is getting good.... so i am mad not because any lack of expierence, no i have bought alot of homes this way, just that i should have just bought it i just had this feeling. The end is near Just kidding!!!! so any way a week later i find out the house is going back to auction on so and so day and i get back to work, because someone bid without money i would call negotiate the 1st and 2nd and get my home!!!. Well i called the 1st no problem! i called the 2nd big problem! they wouldn't budge again, now i show them you just got out bid the first time around and lost your spot in line to get paid take something now and at least get something... No!! so it goes back to auction and sells again around $200,000 or so and the 2nd lender lost again. I think myself and the 2nd lender both really lost this time because the house sold 2 Years later for over a million dollars.
I know now more than ever that the second lien holders are budging and have to or else they will lose everything, so fight to get the deal done it will work out, it did for me after the one deal i just wrote about because i never made the mistake again.
Good Luck!!!!!! To All
Tom
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